UK house prices fell at their fastest rate in 12 years during November, mortgage lender Nationwide has said.
The firm's data showed that the cost of an average home slid by 0.8% from a month earlier - the first drop in price seen since February last year.
On an annual basis, house prices rose by 6.9% from the same month in 2006, down from October's figure of 9.7%.
The data "confirms that the housing market is indeed cooling," Nationwide's chief economist Fionnuala Earley said.
"Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market," she added.
The 0.8% slide in prices seen in November is the biggest since June 1995.
Earlier this week, Land Registry figures suggested that London house prices dropped at their fastest rate in more than two years during October.
The firm's data showed that the cost of an average home slid by 0.8% from a month earlier - the first drop in price seen since February last year.
On an annual basis, house prices rose by 6.9% from the same month in 2006, down from October's figure of 9.7%.
The data "confirms that the housing market is indeed cooling," Nationwide's chief economist Fionnuala Earley said.
"Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market," she added.
The 0.8% slide in prices seen in November is the biggest since June 1995.
Earlier this week, Land Registry figures suggested that London house prices dropped at their fastest rate in more than two years during October.
Now, anybody want to take on a BTL property? I have one going spare and think it only "fair" that I should share the fruits of this road to riches.
